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Thread: A little relief

  1. 02-12-2005, 12:45 PM #1
    daddys3chicks
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    Default A little relief

    I received a personal loan offer a week or so ago. Interest rate was 4.9% and it was a fixed monthly payment - 60 month loan. We got approved and the check came today. We are paying off and CLOSING some higher interest accounts. This will give us a lower payment each month and get some of that debt off our back. Plus - even though it is 5 years, we know when it will end!

    yay!
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  3. 02-12-2005, 12:47 PM #2
    Dixie
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    I'm so happy for you.
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  4. 02-12-2005, 01:21 PM #3
    Katybird
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    Good for you Cheryl.
    “Books are the treasured wealth of the world and the fit inheritance of generations and nations.” --Henry David Thoreau



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  5. 02-12-2005, 01:24 PM #4
    PrairieRose
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    Any relief is good, right Cheryl?

    ~48 yr. old sahw, livin' it up in our empty nest, smack dab in the middle of everywhere.~
    *We're debt freeeeeeeee! (including the house)*


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  6. 02-12-2005, 01:30 PM #5
    Mom23boys
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    Whatever it takes to feel some debt relief.
    ~*Michelle*~

    ~Wife to Rick since Dec. 19, 1986~
    ~Mother to Richard, 23, Chris, 21, and Dakota, 18~
    ~Mother-in-law to Amber, wife of Richard~
    ~Elementary Teacher~
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  7. 02-12-2005, 03:17 PM #6
    lcgaston
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    Good going, Daddys3chicks...it's good to reduce your interest payments!

    Just one word of caution from a guy who worked in the banking biz for two decades...

    These low rate personal loans can be a trap...there will be a very attractive rate, but if there's one late/missed payment there is a stiff penalty fee and the rate defaults to a much higher rate. Read ALL the fine print...ALL...on your paperwork to understand what you've got. And if you don't understand it, be aggressive in asking for explanation until your comfortable.

    This isn't to say that you shouldn't take advantage of this kind of a deal: it can be a very good thing, but just be sure that the good deal doesn't evaporate if you overlook getting the bills paid some month.

    Good luck, and best wishes on the debt elimination!
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  8. 02-12-2005, 03:25 PM #7
    dolphin
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    Great! I'm glad you're getting some relief.

    Thanks lcgaston! It's always good to get things checked out, just in case.
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  9. 02-12-2005, 04:56 PM #8
    Heather
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    So happy for you Cheryl...
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